Lancaster County Industrial Revolution
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|Cushman & Wakefield has arranged the sales of two industrial buildings in Lancaster County that sold for a combined $25M. The individual prices were undisclosed, though one building looks like a giant sheet cake, which should help values.|
|C&W's Gerry Blinebury tells us the transactions are "two of the largest industrial sales to ever take place in Lancaster County." He's seeing a positive trend along Route 283 and Route 30. That's largely due to the location of a UPS facility in East Petersburg, he says, which has been "a major lure" for potential tenants who need easy access to overnight shipping facilities (as well as tenants who have a great appreciation for chestnut brown shorts.)|
|Case in point: the 290k SF building at 1499 Zeager Road in Elizabethtown, which is 60% occupied by pet pharmaceutical companies. Previously a single-user facility, it was upgraded to multi-tenant use prior to its sale to Exeter Property Group, and roughly 100k SF of leasable space—it's AIB and FDA certified, and medical device registered—is still available. The buyer was repped in-house.|
|Here's the other recent C&W deal (aka, the world's largest vanilla sheet cake): a former Armstrong Industries distribution center in Lancaster, which hit the market after falling into foreclosure. The buyer is a company operated by the former owner of Auntie Anne's Pretzels, Sam Beiler, who plans to turns the 594k SF building into a youth-oriented sports complex. Gerry tells us he's already working on a number of other deals in the Lancaster County area, which "will be a very active market in the future, as the Central Pennsylvania [markets] continue to evolve."|